Welcome to part two in our special five-part series which explores the unique financial landscape that is a career in information technology and uncovers some wealth management strategies that will help you do more with your money.
Quite often, tech professionals are high-income earners with a surplus of funds, but a dearth of time to manage their money due to their demanding careers. Whilst being busy is not the sole domain of tech professionals, when you factor in financial elements that are unique to their situation such as earnings fluctuations, employee share ownership schemes, employment volatility and more, it becomes clear that the financial fallout of not proactively managing money can be quite detrimental.
As a financial adviser based in Sydney, Australia, my role is to help clients navigate the intricate world of finance and investments. Recently, I had the privilege of assisting a client who is an Information Technology professional in making a strategic move to purchase additional employee shares at a reduced rate while simultaneously selling the same number of shares of vested RSUs (Restricted Stock Units). This is a success story that highlights the importance of sound financial advice and the potential benefits it can bring to individuals in the tech industry.
From 1 July 2023 the ‘retirement age’ increased to 67 years. In this article we delve into the reasons for this change and the consequences.
Jock Kelso started from humble beginnings and is now a retired radio advertising executive. With his lovely wife Dot, they have a family and lived in Sydney while Jock worked for various top radio stations and was Sales Manager at Radio 2UE Sydney. He describes these years as an incredible buzz, but could see that going onto senior management was not his forte, so instead decided to go out and set up his own company, MediaMart. During his career he managed radio advertising campaigns for numerous big name household brands. Jock and Dot, his wife of 52 years, now live a comfortable and envious retirement.
The current interest rate environment is challenging. Australia’s cash rate has risen 12 times from .10% back in April 2022 to 4.10% in June 2023 – an increase of 4.00%. With the RBA remaining steadfast to its inflationary target to ensure inflation does not become entrenched, the likelihood is of more pain before some light on the horizon. As finance and mortgage brokers we are assisting mortgage holders through this time and wanted to share some guidance and tips for consideration.
